would think twice before it imposed
any restrictions on the free flow of foreign capital into British
industry. In so far as foreigners lend to us we shall be able to
import raw materials, to be worked up to the profit of British
industry, in return for promises to pay--very timely convenience at a
critical moment.

Nevertheless, it would appear that obviousness of the desirability of
foreign capital, from whatever source it comes, is by no means evident
to those who are now in charge of the nation's destinies. At any rate,
the Company Law Amendment Committee, which was appointed last February
"to inquire what amendments are expedient in the Companies Acts, 1908
to 1917, particularly having regard to circumstances arising out of
the war and of the developments likely to arise on its conclusion,"
seems to have thought it necessary to provide the Government with
schemes by which alien capital could, if the Government thought
necessary, be kept out of the country. It was a powerful and
representative Committee, and it is very satisfactory to note that its
own view concerning the policy to be pursued was strongly in favour of
freedom. It points out in its Report that the question which lay in
the forefront of its investigations was that of the employment of
foreign capital in British industries. On the preliminary question
of whether it was desirable that foreign capital should be freely
attracted to this country, there was little, if any, difference of
opinion. For this very sensible conclusion the Committee gives rather
a curious reason. It states that the maintenance of London as the
financial centre of the world is of the first importance for the
well-being of the Empire, and that anything which could impede or
restrict the free flow of capital to the United Kingdom would, in
itself, be prejudicial to Imperial interests.

Now, of course, if is entirely true that the maintenance of London
as a financial centre is very important, but I venture to think that
those who are most jealous concerning the prestige of London and the
importance of its financial operations would say that it ranks only
second to the industrial efficiency of the country as a whole and
cannot, in fact, be long maintained unless there is that industrial
efficiency behind it, providing a surplus out of which London may be
able to finance the world and so, incidentally, and as a side issue,
be to a great extent helped by foreign capital to do so. It is